Monday, December 28, 2015

Oil prices remain weak as slowing demand adds to high output


A pump jack is seen at sunrise near BakersfieldCrude oil prices remained under pressure on Tuesday as fears of slowing demand added to worries over near-record global production levels that have slashed prices by two-thirds since the middle of last year. Front-month U.S. West Texas Intermediate (WTI) futures were trading at $36.83 per barrel at 0334 GMT, similar to Monday's close after a more than 3 percent fall. While global output has been at or near record highs, demand has so far held up, preventing oil prices from falling even lower, but that may be about to change.


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